When the South Korean cryptocurrencies Luna and TerraUSD collapsed in Might, their failures contributed to a $300 billion loss throughout the crypto economic system, public outcries for Do Kwon, the cyptocurrencies’ creator, to go to jail and a number of investigations. However that, and a broader “crypto winter” dragging down costs throughout the trade, doesn’t seem to have curbed South Korea’s appetite for all things web3.
Korea Blockchain Week launched this weekend with greater than 7,000 folks registered to attend and over 120 audio system on the lineup. In accordance with the occasion’s chief government officer, Jeon Seon-ik, this 12 months’s occasion was one of many largest of its form in Asia, if not the world.
Web optimization Sang-min, one of many keynote audio system who runs the Klaytn Basis, a distinguished Korean blockchain firm, attributed the occasion’s recognition to a South Korean penchant for tech. “Regardless of the Luna-Terra crash, the nation is massive on crypto and is likely one of the tech facilities of the world,” he mentioned in an interview.
Vitalik Buterin, the co-founder and chief scientist at Ethereum, the system which runs the world’s second-largest cryptocurrency after Bitcoin, additionally gave a keynote speech, emphasizing the necessity to make crypto transactions extra reasonably priced for a wider vary of customers and selling the advantages of a decentralized monetary system.
Cryptocurrency noticed its first surge in South Korea in 2017 after the nation’s largest conglomerate, Samsung, introduced that it might discover a corporate use for Ethereum. Samsung SDS was the primary Korean enterprise to affix the Enterprise Ethereum Alliance, which launched in San Francisco earlier that 12 months to facilitate enterprise transactions.
Since then, South Korea’s crypto market has grown to be one of many largest on the planet. The nation’s crypto belongings grew to 55 trillion received on the finish of final 12 months, value about $46 billion on the time, with greater than 15 million registered customers of buying and selling platforms, in line with nation’s Financial Services Commission. Just a few years in the past, the South Korean authorities adopted a extra cautious stance on cryptocurrencies, and even considered banning them. Extra just lately, although, the federal government has moved to control the trade.
Mr. Web optimization believes that the federal government’s shift in method is an acknowledgment of the trade’s potential. “The metaverse and web3 have potential to be greater than a way of funding, create new jobs and remedy actual world issues,” he mentioned.